According to published reports, Inter-tel said it had received a letter from Vector Capital Corp. expressing an interest in buying the company in a cash offer of $26.50 per share, which puts the value of the offer at about $715.8 million.

As was reported earlier by TMCnet, Inter-Tel already has an agreement with Mitel (News - Alert) Networks Corp. and Arsenal Acquisition Corp., which agreed to buy it for $25.60 per share in cash.

Today, Inter-Tel said its special committee had determined that Vector Capital's bid was reasonably likely to lead to a superior proposal, and that they have notified Mitel of the committee’s decision to engage in talks with Vector Capital.